Consumer Confidence Falls Amid Inflation Concerns

U.S. consumer confidence fell below expectations in October, according to the Conference Board’s index. The driving factor was persisting inflation concerns, OMA Connections Partner RSM reports.

RSM’s latest consumer spending forecast suggests the Federal Reserve will need to raise the federal funds rate to more than 5% before any pivot is considered. Meanwhile, economists expect the Fed will go for its fourth consecutive 75-basis-point rate hike on Nov. 2, according to a Reuters survey. 10/26/2022